Goldman Sachs managing director Michael Chandler has moved to HSBC in Hong Kong as head of equity sales Asia Pacific.
Chandler, who joined HSBC earlier this month, was head of Hong Kong equity one delta sales and head of Southeast Asia one delta research sales at Goldman, responsible for major institutional and hedge-fund client relationships for the bank’s securities division in Asia Pacific.
He is not the only former Goldmanite to enter the senior ranks of HSBC’s global banking and markets business recently.
Last year former Goldman banker Matthew Westerman became co-head of global banking at HSBC and reportedly introduced a more competitive culture into the firm. In June, HSBC tapped Westerman’s former Goldman colleague Rob Ritchie to co-lead the division’s UK arm.
“Westerman was obviously all over Chandler’s appointment,” says a Hong Kong headhunter who asked not to be named.
Chandler’s hiring comes five months after HSBC promoted Hossein Zaimi, who is also based in Hong Kong, to global head of equities.
However, the job market for Asian equities professionals generally remains depressed following a string of job cuts at banks such as Credit Suisse, Standard Chartered, Barclays, and Deutsche Bank over the past two years. Some banks are taking advantage of this to snap up senior salespeople and traders. Vikesh Kotecha the former head of Barclays’ Asia equity business, joined UBS in Hong Kong in April as head of equity derivatives, for example.
Chandler started out at Goldman in Hong Kong in 2000 and worked in regional equity sales, ultimately heading the Hong Kong equity sales desk. In the late 1990s he worked for MUFG and First Union National Bank in New York and New Jersey respectively, according to his online profile.
Unusually for an eventual Goldman MD, Chandler began his banking career in the credit department of Bank of China in New York, where he worked between 1994 and 1996. He studied Chinese and Asian Studies as part of his undergraduate degree from the University of Puget Sound.
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